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As part of our campaign to Fix Britain’s Creaking Isas, we are calling on the Government to remove the distinction, allowing the full £11,520 allowance to be split between the asset classes according to an investor’s preference.

The results of a poll of more than 10,000 over-50s by Saga, the financial services firm, suggested widespread support for such freedoms.

Telegraph readers have also sent correspondence noting their agreement with the principle.

Joy Brooks, 62, said: “If the present government wish to continue with my support I would suggest they adopt your recommendations and in particular increase the annual amount we can contribute to the cash side of the Isa to the include the full annual allowance.”

Steve Dommett said: "Consider the elderly; they typically do not want the risk of a stock market investment when they may need the money at short notice. This applies to anyone with a (potentially) short savings timescale, such as young people saving for a house deposit."

Mr Hamid, from Chigwell in Essex, said:" I strongly believe that total Isa allowance of £11,520 should be left to the individual choice and not dictated by the Government in directing that half of the Isa allowance put into risky shares investments for the benefit of the fund managers."

The Isa Campaign also called for savers to be allowed to switch from stocks and shares to cash.

This proved a particularly popular suggestion, as it would help older savers, who increasingly use Isas as a retirement nest egg, reduce the risk in their portfolio.